Tennant (NYSE:TNC) Stock Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its stake in shares of Tennant (NYSE:TNC) by 3.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,788 shares of the industrial products company’s stock after selling 372 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Tennant worth $1,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC grew its position in Tennant by 290.9% in the second quarter. CWM LLC now owns 387 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 288 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in Tennant in the second quarter worth approximately $58,000. Point72 DIFC Ltd bought a new stake in Tennant in the second quarter worth approximately $71,000. nVerses Capital LLC bought a new stake in Tennant in the third quarter worth approximately $77,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Tennant in the first quarter worth approximately $86,000. 93.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Tennant from a “strong-buy” rating to a “buy” rating in a research report on Friday.

Tennant Price Performance

Shares of Tennant stock opened at $83.80 on Tuesday. The firm has a fifty day simple moving average of $92.67 and a 200-day simple moving average of $98.95. The company has a current ratio of 2.17, a quick ratio of 1.46 and a debt-to-equity ratio of 0.33. Tennant has a 1-year low of $81.81 and a 1-year high of $124.11. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 14.78 and a beta of 1.00.

Tennant (NYSE:TNC) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.05). Tennant had a return on equity of 21.87% and a net margin of 8.52%. The firm had revenue of $315.80 million during the quarter, compared to analyst estimates of $319.40 million. During the same quarter in the previous year, the firm posted $1.34 earnings per share. Tennant’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Tennant will post 6.48 earnings per share for the current year.

Tennant Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.41%. This is a boost from Tennant’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, November 29th. Tennant’s payout ratio is presently 20.81%.

Tennant Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.